Against the backdrop of the Commission's Energy Union Strategy to deliver secure, affordable and sustainable energy in Europe, our Paris Agreement commitments to fight climate change and our push for the modernisation of Europe's economy and industry, today the European Investment Bank (EIB) will grant a €60 million loan to the Portuguese company Windplus. The loan, which is supported by the European Commission under the Horizon 2020 research and innovation programme, will serve to install a first-of-its-kind offshore floating wind farm. Located 20km off the coast of northern Portugal, three wind turbines that sit upon floating platforms can flexibly adjust to the wind condition and direction and thereby maximise the efficiency in energy production.

Today's deal is another example of how EU financing is helping to lower the risk of rolling out innovative energy solutions like WindFloat. We need breakthrough technologies to accelerate the clean energy transition in Europe and lead the global fight against climate change. This will ultimately improve the quality of life and create new jobs and economic growth for citizens.

The wind farm will have an installed capacity of 25 megawatt, equivalent to the energy consumed by 60.000 homes over the course of a year. A shift to clean energy is a shift to a modern and competitive economy. This was reaffirmed only two days ago when the Commission and Bill Gates-led Breakthrough Energy launched a €100 million investment fund for clean energy. WindPlus receives today's loan from the InnovFin programme – a financial instrument for innovative firms under the EU's research and innovation programme Horizon 2020 and the EIB group. The company will additionally benefit from €29.9 million from the EU's NER300 programme, and up to €6 million from the Government of Portugal, through the Portuguese Carbon Fund. More information is available in the joint press release and this infographic.